(CercleFinance.com) – The group announces the sale of a majority stake in its activities in Russia to Interholding, owner of the Russian liability insurer Zetta Insurance.
Following the transaction, Allianz will hold a 49.9% minority stake in the new company.
This operation will have a negative impact of approximately 0.4 billion euros on Allianz’s income statement. The deal follows Allianz’s decision to scale back its operations in Russia.
Zetta Insurance, owned by Interholding, has more than 120 outlets in Russia, with more than 6,500 agents in more than 150 Russian cities.
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